🚨 Sector ETF Outlook:
🔸 $XLB (Materials) - 🟢 bullish with institutional demand in play. Need to watch for new buying to come into the market and then buy on pullbacks to demand.
🔸 $XLC (Communications) - 🟡 waiting on this one, neither bullish or bearish - has been bullish for a while but prices momentum has stalled. Medium term buying coming into play but longer term 📉 drop is a possibility.
🔸 $XLE (Energy) - 🟢 bullish with long term buying taking place. Would like to see shorter term buying push price higher and then pullbacks to demand for long 📈🚦 signal.
🔸 $XLF (Financial) - 🟡 on hold - has been bullish but medium term selling has been a main driving factor lately. Risk of drop 📉 to $45 otherwise 🚫 break through $52 for long 📈🚦 signal.
🔸 $XLI (Industrial) - 🟡 on hold - was bullish but medium term 📉 selling took place. Risk of drop 📉 to $125's and it reached then looking for long 📈🚦 signal.
🔸 $XLK (Technology) - 🟡 caution - not bullish or bearish. Waiting for the banks to show their 🃏 cards.
🔸 $XLP (Consumer Staples) - 🟢 bullish - waiting for price to 📉 drop a little further $75-$77 area then watching for short term buying to buy on pullbacks.
🔸 $XLU (Utilities) - 🟡 hold on - waiting for price to 📉 drop further (in the $70's) to then watch for the long 📈🚦 signal.
🔸 $XLV (Health Care) - 🟡 waiting - not bullish or bearish right now. Waiting to see how this one plays out to provide something clearer.
🔸 $XLY (Consumer Discretionary) - 🟢 medium term bullish BUT buying to come to a halt soon. Better to enter long near the $200 mark. Watching for momentum to build from there and buy at pullbacks to demand.
🔸 $XLRE (Real Estate) - 🔴 bearish - major selling taking place. Need the selling area to be taken out with buying before any type of long 📈🚦 signal.
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